TCS to Close New Deals with Marks & Spencer worth $1-Billion

BUSINESS

According to a report, Tata Consultancy Services (TCS), the nation’s largest exporter of information technology services in the nation, is anticipated to close additional deals worth $1 billion with Marks and Spencer, a British food-to-clothing retailer. Apart from the 2018 renewal, multiple deals between TCS and Mark and Spencer are expected to close in the coming weeks.

According to the report, the IT services exporter is in the best position to win these deals because it is an existing partner. For more than a decade, TCS has been collaborating with Mark and Spencer to transform the British retailer’s human resource operations.

For Marks and Spencer’s more than 80,000 employees, TCS has provided solutions for human resources. The Indian IT conglomerate has also offered solutions that make use of the Oracle supply chain management platform.

Following significant store closures and job losses during the pandemic, Marks and Spencer announced plans for more than 3,400 new jobs. M&S announced in a statement that it would open 20 large new stores across the UK. It comes after the group laid off 7,000 people while COVID-19 lockdowns took place in Britain.

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The gathering said it would contribute 480 million pounds in the most recent task. The statement added that more than 3,400 new jobs would be created by 2024 as a result of the changes.

Cost pressures and macroeconomic headwinds, on the other hand, continue to be major obstacles. According to Scholar, M&S shares have lost approximately one third of their value since 2022.